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- Hide Preview | 31 Comments | submitted about a year ago by leonale [Post Locked]

Let me give a bit of background about myself. I am a college student currently on leave from school for medical reasons. During my leave, I discovered TRP and life hasn't been the same ever since. I have become concerned, however, with how low my current social and economic standing is, and I am looking to do everything I can to improve my life situation.

My question is this: what can I do to better myself to the point where life becomes easier? How exactly do I build my empire?

[-] redparadigm 23 Points about a year ago

I think you need to define the scope of your future "empire". Is it just a comfortable six figure income? is it a bunch of paid off, yielding assets? Is it a mil in the bank? 5 mil? 50 mil?

To be very successful, part of the 1% or higher, assuming you start from scratch with zero funds and zero connections you should brace yourself to:

  1. Pick up a single field and hardcore specialize in it. Position yourself long term to be the best pro in your field locally within 20 years.

  2. Be willing to work 80 hour weeks for two decades. That is the real red pill with financial success. You cannot have an empire working a 9-5, 40 hour week. Are you willing to sacrifice that much? Clearly, you will have to make some very hard sacrifices in terms of relationships, friends, family and health. How bad do you want it?

  3. As soon as you are able. Strike on your own. Real money is made by arranging a business that others work for and not by working for others. The sooner you do it the more you will get ahead, as some of those business savvy skills take a number of years to develop.

Source: Am a business owner. Have half a dozen full time employees. I might do a longer post on TRP about the red pill career one of those days.

[-] martin-ho 8 Points about a year ago

Am a business owner. Have half a dozen full time employees. I might do a longer post on TRP about the red pill career one of those days.

PLEASE do so! I would be VERY interested! I'm looking forward to it.

[-] MrEiffel 4 Points about a year ago

+1 Fledling business owner myself, I would love to hear some good advice that isn't "hurdur I'm a bloody billionaire, BUT I can't tell you anything cause blruh*

[-] machimus 2 Points about a year ago

Likewise, but I'm pretty sure those guys aren't actually billionaires.

[-] A_Medical_Physicist 3 Points about a year ago

You cannot have an empire working a 9-5, 40 hour week

Exactly. Remember, if you just do what most people do you will end up like most people do. I'm not saying it's wrong, some people might want an average salary but also a relatively lenient time commitment, to be able to coach their kids' Little League team and all that, but if you want more you have to give more.

[-] dabrah1 2 Points about a year ago

red, this is a little off topic, but what kind of high yielding assets would you recommend? i'm going to have a fair chunk of discretionary income in a month or two and was looking into the best ways to invest it. I was thinking real estate.

[-] redparadigm 6 Points about a year ago

I think for the uninformed pleb (which I consider myself) real estate is a sure bet. Sure bet if you are in a good area with good prospects. Buying real estate in Detroit vs in Portland are going to be completely different experiences.

The thing is, are you the type of person that can be a firm landlord type? Do you want to mess with fixing toilets on a days notice? Using contractors is easy but will eat a good portion of your income. You can use a property management company, which I think could be a good deal if you want it completely turn key and hassle free.

I know we have a ton of TRP financial gurus here, but they seldom frequent AskTRP and hangout out at the main sub. I think sooner or later we as a community should start a money/career TRP sub, as running a business you discover that there are a lot of ugly and harsh truths that are seldom discussed.

[-] dabrah1 4 Points about a year ago

I completely agree, there's too much discussion about how to get girls and how working out changed your life, and not enough about how to make money and how to view jobs and making money in the main page, and All the questions here are basically related to specific social or life situations. I would love to see a red pill page dedicated to jobs and money.

[-] dabrah1 1 Point about a year ago

That being said... How much of your income do property managers typically eat?

[-] machimus 1 Point about a year ago

Depends, but you can use 10% of your rents as a ballpark.

[-] dabrah1 1 Point about a year ago

Would you say that it's worth it ?

[-] machimus 1 Point about a year ago

Depends on your personality and situation, but for me absolutely. My property is in a different city so I can't be flying in to change light bulbs anyway. If you can't be in town it's a must, or if you have multiple properties. It's not how much money you make, it's how much money you get for how much time you put in...and I put literally zero time into it. Also, don't forget to depreciate, the tax deduction is massive.

[-] dabrah1 1 Point about a year ago

That sounds great. I have time to answer a few calls a week and head over to the property at least once a week, I wouldn't have time to answer to my tenants every need though as I work full time, and recruit/mentor for lyft in my free time. 10% is a great rate to give someone if it means that you basically don't have to worry about anything.

[-] machimus 1 Point about a year ago

Well, not really, if you think about it. Most bad things don't happen often, most people don't ask the property manager to actually buy them light bulbs, and whatever work that needs done they'll contract and subtract from your rent. So really 10% is high for what they actually do, they're not giving you the family discount or anything. Still, at some point it won't be worth it to do it all yourself. But if you have the time and live nearby you can save a lot of money.

[-] dabrah1 1 Point about a year ago

This is surely a dumb question, but can you try out managing the property by yourself for a couple months and then hire a property manager if it proves to be too much ?

[-] A_Medical_Physicist 5 Points about a year ago

Diversified ETF's are also good. They allow you to invest the way that you should, but probably can't afford to effectively. But like /u/bicepsblastingstud said, what I think is a good investment, what you think is a good investment, what a $100M+ angel investor thinks is a good investment and what a 68 year old blue collar retiree thinks is a good investment are entirely different things.

I do well in the stock market. I do pick my own stocks occassionally but the bulk of my portfolio is just going to do whatever the S&P500 does.

[-] MrEiffel 2 Points about a year ago

If you want some high equity investment advice, head over to wallstreetplayboys.com

[-] bicepsblastingstud 1 Point about a year ago

You need to provide more info -- what's the timeframe -- Will you need this money? If so, when? What does "high yield" mean to you? How is your risk tolerance? Etc.

[-] Cpt_Charles_Rhyder 2 Points about a year ago

This is great advice. Anybody can start a frozen banana stand but the real money comes from starting a business in a specialized/technical field. For me, it was a niche construction company.

[-] RunawayGrain 1 Point about a year ago

This. Basically, have a loose plan and bust ass to make it happen.

[-] OoJames 1 Point about a year ago

I would be interested as well.

[-] Jani1157 1 Point about a year ago

I would definitely benefit from something like that, I'm branching out as a relationship coach and need to stay on track.

[-] Rorta 2 Points about a year ago

The two aspects that helped me the most and will continue to help me achieve what I want in life business and otherwise is:

  • Networking
  • Taking advantage of good opportunities I have been presented with, often through networking.
[-] dabrah1 1 Point about a year ago

How do you go about networking? Just meeting people at parties/work etc? Or do you go to meetups?

[-] Rorta 1 Point about a year ago

I just try and meet as many people as possible through friends, parties, bars, work, etc and try and mine as much information as possible. You should be aiming to meet people older than you with much more life experience as well as those who have connections and opportunities.

Three years ago I met a guy through friends who knew several major distributors for several high demand products at a cheap price - I built a business from it. This weekend I worked with a guy who is a senior manager for a major car manufacturer who told me about how he rose through corporate ranks and my current boss talked to me for hours about how he multiplied his business earnings by ten times in two years.

These people are out there and they want to impart their knowledge and share their experiences with you for reasons of ego or otherwise. You just have to find them.

[-] M3_Drifter 1 Point about a year ago

How exactly do I build my empire?

Most people don't. Due to any number of reasons. Only slightly deranged people actually achieve empires. Like Bill Gates. He's a huge crook and basically ass-fucked (no lube) everyone else in tech during the 80s and 90s. Now he's trying to atone for his sins with the Gates Foundation.

The most important thing is to do something that works with your personal strengths and interests. If it's boring or you're not good at it, you will fail. Second most important thing, and probably the hardest one to achieve, is to hire good people. But you need to know your business better than your employees. Trust them to do their job, but do not become dependent.

[-] throw_em_all 1 Point about a year ago

Always be aware of ways of investment/work that will make you money without sacrificing much time, no matter how little.

Time is your most valuable resource, if you can make money while not investing time, or overlapping time investments (doing side jobs while you're on the clock) it is worth looking at, no matter how little money it seems to be.

[-] Oh_FuFu 1 Point about a year ago

Before you venture out in any ideas think about this "am I disciplined enough"? And if you're not discipline yourself. To the point that everything is in your will power. Everything and anything.

[-] toaster10 0 Points about a year ago

Work on yourself and the empire will follow. If you become someone with admirable fitness, knowledge and skills people will be drawn to you. There are many ways to build your empire but really no shortcuts. Becoming an alpha does not lead to a place where life becomes "easier." You will need to constantly improve yourself and be responsible for making good decisions for those around you because most people aren't capable of doing so. In many ways it can be a stressful existence because you can't take days off from being the man you want to be, but you will have the tools to accomplish much/all of what you desire from life. If you stop pushing yourself into uncomfortable territory socially, professionally and physically, you will become stagnant and the life you've built will fade away.

[-] dreckmal -5 Point about a year ago

Step One: read the sidebar.

[-] Mr_Gentleman25 3 Points about a year ago

Holy shit this isn't a funny/good comment anymore